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| Weekly Update : Chana Plunges On New Supplies In Major Producing States | 28-Jan-12 14:18 |
Stockiest liquidation was seen in chana futures in the last week triggered by mounting new supplies in major producing states along with restricted offtake by millers. The NCDEX futures shrugged off by almost Rs 115 per quintal in the last week. As per market sources , fresh daily arrivals of around 1 lakh bags were reported in the major producing states such as Maharashtra , Madhya Pradesh and Andhra Pradesh with the price range of Rs 3100-3300 per quintal for all major varieties. The spot prices pared almost Rs 100 per quintal in the last one week. Moreover, around 60000 tonnes of Australian chana has been reported so far in the January month with the price range of Rs 3150-3200 per quintal at Mumbai market. Traders are expecting the strong supplies of new chana in the coming days which might incite the stockiest selling at higher levels. Consequently, the NCDEX February chana settled at Rs 3089 per quintal in the last week , down almost Rs 115 per quintal. Powered by Commodity Insights |
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